Please Explain The Stimulus Packages To Me In Plain English

[Rex]

Okay, don’t know about all the other soloists out there but I am baffled about what exactly is being ‘offered’ in the various stimulus packages.
A glaring omission seems to be sole-traders & people such as myself, a micro-business that’s a partnership with my wife.
We turn-over enough to collect GST, I draw a modest wage & my wife a small amount (80:20).
We don’t pay regular wages as such, just pay ourselves what’s left after tax and expenses etc. and then pay personal tax at the end of the year.
I’m pretty sure our situation would be pretty common at the smaller end of the food-chain.
So far all I have seen on offer that’s applicable is the totally pointless instant asset write-off.
Can anyone point me to a straightforward, plain English summary of what is in the various packages?

[Paul – FS Concierge]

In the meantime Rex, check out this thread on the Stimulus.

https://www.flyingsolo.com.au/forums/index.php?threads/government-stimulus-package-for-small-business.46841

[bb1]

The post [USER=78928]@Paul – FS Concierge[/USER] is good, but, but, but, it is just a high level post, and doesnt know any of your personal circumstances, and with the information you have being provided, I would be very cautious of any advise you may be given on the forum. Speak to you accountant, they know the ins and outs of you arrangements.

[Davejochow]

Rex, post: 269135, member: 11452 wrote:

Okay, don’t know about all the other soloists out there but I am baffled about what exactly is being ‘offered’ in the various stimulus packages.
A glaring omission seems to be sole-traders & people such as myself, a micro-business that’s a partnership with my wife.
We turn-over enough to collect GST, I draw a modest wage & my wife a small amount (80:20).
We don’t pay regular wages as such, just pay ourselves what’s left after tax and expenses etc. and then pay personal tax at the end of the year.
I’m pretty sure our situation would be pretty common at the smaller end of the food-chain.
So far all I have seen on offer that’s applicable is the totally pointless instant asset write-off.
Can anyone point me to a straightforward, plain English summary of what is in the various packages?

I am in a small business like you. The main reason for the government to introduce this package is to help businesses retain staff , assist business into getting a loan etc. I don’t think there is any other benefits for you but I would suggest talking to an accountant

[Author]

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